New Delhi

Gold prices on Wednesday dropped by Rs 481 to Rs 1,44,911 per 10 grams in futures trade amid a fall in spot demand.

On the Multi Commodity Exchange, yellow metal contracts for August delivery traded lower by Rs 481, or 0.33 per cent, at Rs 1,44,911 per 10 grams in a business turnover of 916 lots.

Analysts attributed the decline in precious metal prices to weaker spot demand.

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Globally, gold futures rose by 0.42 per cent to USD 4,123.61 per ounce in New York.